Industry Insights - The Chinese government will initiate the central frozen pork reserve collection to stabilize the pig market, as the national average pig-to-grain price has dropped below 6:1, entering a warning zone [1] - DeepSeek has launched its latest language model, DeepSeek-V3.1, which incorporates a hybrid reasoning architecture and enhanced agent capabilities, intensifying competition in the global AI market [2] - A new policy financial tool with a scale of 500 billion yuan will be introduced, focusing on emerging industries and infrastructure, including digital economy and artificial intelligence [3] - The US and EU have reached an agreement on a trade framework, with the US imposing tariffs of no more than 15% on most EU goods, while the EU plans to purchase US energy products worth up to $750 billion by 2028 [4] Market Trends - Over 20 titanium dioxide production companies have announced price increases, with expectations for a price rise as the peak season approaches, as current profit margins are unsustainable [9] - The Jiangsu Free Trade Zone has received approval for a comprehensive opening of the biopharmaceutical industry chain, presenting significant opportunities for the innovative drug sector [10] - Zhiyuan Robotics has launched the "Zhiyuan A Plan," aiming to create a trillion-level industrial ecosystem within three years, indicating a potential acceleration in the embodied intelligence industry [11] Company Performance - GoerTek reported a net profit of 1.42 billion yuan for the first half of the year, reflecting a year-on-year increase of 15.65% [14] - SANY Heavy Industry achieved a net profit of 5.216 billion yuan in the first half of 2025, marking a 46% year-on-year growth [14]

每经记者｜杨建 每经编辑｜肖芮冬 （一）重要市场新闻 1、美股三大指数均小幅收跌，标普500指数跌0.4%，道指跌0.34%，纳指跌0.34%；大型科技股多数下 跌，特斯拉、Meta跌超1%，苹果、微软、英伟达、奈飞、亚马逊、AMD、英特尔小幅下跌，谷歌小幅 上涨。中概股多数上涨，纳斯达克中国金龙指数涨1.35%，小鹏汽车涨近12%，蔚来涨超9%，老虎证 券、名创优品涨逾6%，爱奇艺、小牛电动涨逾2%；阿特斯太阳能跌逾18%，禾赛跌11%，哔哩哔哩跌 超6%，晶科能源跌逾4%，大全新能源、阿里巴巴跌超1%。 2、国际贵金属期货收盘涨跌不一，COMEX黄金期货跌0.15%，报3383.5美元/盎司；COMEX白银期货 涨0.87%，报38.1美元/盎司。国际油价集体收涨，美油主力合约涨1.23%，报63.48美元/桶；布伦特原油 主力合约涨1.14%，报67.60美元/桶。欧洲三大股指收盘涨跌不一，德国DAX指数涨0.07%报24293.34 点，法国CAC40指数跌0.44%报7938.29点，英国富时100指数涨0.23%报9309.2点。 （二）行业掘金 拟于2026年在南海启动首个万吨级产能示范基地，预 ...

8月19日晚间，DeepSeek官方悄然上线了全新的V3.1版本。 官方公告强调了上下文长度拓展至128k，但随着社区的深入挖掘和实测，这次"小更新"之下其实有着更多模型架构的变革和模型重点能力的微调，在编程 能力上的提升也可圈可点，成本优势重回显著。 然而，模型融合的技术路线也引发激烈争论，部分用户反馈旧版模型的"顽疾"复现，对这次更新的评价呈现出两极分化的态势。 发布两天后，DeepSeek官方在公众号上发布了相关消息。 此时，正适合我们回看V3.1，更细致地拆解这次"小更新"。 1 架构之变：V3.1吞掉R1，减轻部署复杂度 尽管DeepSeek官方在更新通知中将"上下文长度拓展至128k"作为核心亮点，但此前的V3版本早已支持128K上下文，只是官方API接口此前仅开放至64K。 因此，这次更新的真正核心并非上下文长度，而是模型底层的架构演进。 根据官方最新发布的公众号内容，确认了V3.1为混合推理架构，即使用一个模型同时支持思考模式与非思考模式。 目前在DeepSeek的官方网页和APP上，即使用户开启"深度思考"模式，模型的标识也已从过去的"R1"变为了统一的"V3"。 除了架构改变外，V3.1被 ...

Group 1 - DeepSeek's latest V3.1 version utilizes UE8M0 FP8 Scale parameter precision, designed for the upcoming domestic chip release [1] - FP8 is a cutting-edge low-precision format for AI computing, significantly enhancing GPU performance and reducing memory usage for large language model training [1] - Domestic GPUs are rapidly developing, transitioning from "usable" to "user-friendly" stages, although they have not yet matched international products [1] Group 2 - Companies like Cambrian, Haiguang Information, and Huawei are leading the A-share computing chip market [3] - Moer Thread provides AI training and inference cards, with its latest GPU supporting FP8 precision, significantly boosting AI computing power [1] - Muxi offers C series GPUs for integrated training and inference, and N series GPUs focused on cloud AI inference, showcasing strong mixed-precision computing capabilities [2] Group 3 - The global GPU market is projected to reach 36,119.74 billion yuan by 2029, with China's GPU market expected to reach 13,635.78 billion yuan, increasing its global market share from 30.8% in 2024 to 37.8% in 2029 [2] - DeepSeek is driving the shift of AI applications from centralized cloud services to mass terminals, necessitating high-cost performance dedicated chips [2] - The domestic chip manufacturers and application enterprises are accelerating their integration with DeepSeek, anticipating a significant increase in domestic computing power by 2025 [2] Group 4 - Huawei's Ascend ecosystem includes companies like Tuo Wei Information, Digital China, and Huafeng Technology, enhancing mixed inference architecture and agent capabilities [4] - The upgraded model shows significant improvements in tool usage and intelligent agent tasks through Post-Training optimization [4] Group 5 - Related companies include Dingjie Zhizhi, Fanwei Network, and Kute Intelligent [5]

Group 1 - The "2025 Fortune China Tech 50" list highlights Huawei, DeepSeek, and CATL as the top three companies, recognizing those that are "born in China and influence the world" [1] - Huawei continues to be a dominant player in the tech sector, while DeepSeek's rise is a notable highlight, achieving a score of 88.5 in the MMLU benchmark test with its DeepSeek-R1 model [1][3] - DeepSeek has surpassed 163 million monthly active users, positioning itself as a leader in the global AI-generated content application market [1] Group 2 - Emerging companies like Unitree Technology and Yunsen Technology are gaining recognition alongside traditional tech giants, with Unitree achieving a global sales volume of 18,000 units and a market share of 23% in quadruped robots [3] - Yunsen Technology focuses on humanoid and quadruped robots, with its "Mountain Cat" all-terrain robot being widely applied across various sectors [3] - The list's changes reflect the vigorous development of China's tech industry and indicate an intensifying future competition in the tech sector [5]

Core Insights - DeepSeek officially released DeepSeek-V3.1 on August 21, 2023 [1] - The upgrade includes significant enhancements in search evaluation metrics, particularly in complex search tests and multidisciplinary expert-level challenges [3][4] Upgrade Features - The official app and web model have been upgraded to DeepSeek-V3.1, allowing users to switch between thinking and non-thinking modes via a "Deep Thinking" button [2][3] - DeepSeek API has also been upgraded, with deepseek-chat corresponding to non-thinking mode and deepseek-reasoner corresponding to thinking mode, expanding context to 128K [3] - The API Beta interface supports strict mode Function Calling to ensure outputs meet schema definitions [3] Performance Improvements - DeepSeek-V3.1 shows significant performance improvements over R1-0528 in complex search tests (browsecomp) and multidisciplinary expert-level problem tests (HLE) [3][4] - The model utilizes UE8M0 FP8 Scale parameter precision, with substantial adjustments made to the tokenizer and chat template, resulting in noticeable differences from DeepSeek-V3 [3] Market Reaction - DeepSeek concept stocks experienced a sharp rise in the market towards the end of the trading day [3]

Core Insights - DeepSeek officially released DeepSeek-V3.1, a large model featuring a hybrid reasoning architecture that supports both thinking and non-thinking modes, resulting in higher efficiency compared to its predecessor DeepSeek-R1-0528 [1] - The new model shows significant improvements in tool usage and agent tasks, with notable advancements in code repair assessments and complex task testing in command-line environments [1] - The release is seen as a step towards the "Agent era" in AI, with market predictions estimating the Chinese AI agent market to reach 6.9 billion yuan by 2025 and nearly 30 billion yuan by 2030 [1] Performance Enhancements - Testing results indicate that DeepSeek-V3.1's efficiency in thinking mode has improved significantly, achieving similar average performance to R1-0528 while reducing output token count by 20%-50% [2] - In non-thinking mode, the output length has been effectively controlled, which helps users manage costs [2] API Pricing Adjustments - Starting from September 6, 2023, DeepSeek will adjust its API pricing, removing the previous night-time discount. The new pricing will be 0.5 yuan per million input tokens (cache hit) / 4 yuan (cache miss), and 12 yuan per million output tokens [2] - The previous API pricing was 0.5 yuan per million input tokens (cache hit) / 2 yuan (cache miss), and 8 yuan per million output tokens [2] Technical Specifications - DeepSeek-V3.1 utilizes UE8M0 FP8 Scale parameter precision, which is designed for the upcoming generation of domestic chips [2] - Recent tests by the China Academy of Information and Communications Technology indicate that products deploying the DeepSeek model have achieved accuracy in language understanding and logical reasoning tasks comparable to foreign systems [3]

Group 1: Core Companies and Industries - Notable companies such as Huawei, DeepSeek, CATL, Zhongzhong Group, Alibaba, Tencent, and BYD are recognized in the 2025 Fortune China Technology 50 list, with a focus on popular sectors like artificial intelligence, robotics, biomedicine, and green energy [3][9][10] - The robotics sector is highlighted with companies like Yushu Technology, Yundong Technology, and Luoshi Robotics, which are innovating in areas such as motion control, high-performance joint motors, and autonomous inspection robots [5][6] Group 2: Artificial Intelligence Developments - DeepSeek has gained significant attention, ranking in the top 10 for global open-source model downloads, with 163 million monthly active users as of June 2025, leading the AI-generated content application market [7] - ByteDance is also recognized for its substantial investment in AI, with a projected capital expenditure of 80 billion yuan in 2024, surpassing the combined total of Baidu, Alibaba, and Tencent [7] - Drip Technology, a provider of enterprise-level AI application solutions, ranks first in the Chinese market for its general enterprise operational decision-making model [8] Group 3: Biomedicine and Green Energy Innovations - The biopharmaceutical sector features companies like CSPC Pharmaceutical Group, which is developing over 200 innovative drug projects across various therapeutic areas, with over 50 new drugs expected to be submitted for approval by the end of 2028 [11] - Kangfang Biotech is noted for its comprehensive drug development system, with over 50 innovative drug candidates, 24 of which are in clinical stages, making it one of China's leading antibody drug developers [11] - Trina Solar has initiated a 49.9MW solar-storage integration project in the UK, which will supply power to over 16,500 households and reduce carbon emissions by nearly 15,000 tons annually [11] Group 4: Overall Industry Trends - The companies listed in the Fortune China Technology 50 are focusing on practical applications of large models in vertical sectors like finance and healthcare, optimizing efficiency while advancing robotics for high-risk tasks [12] - The emphasis is also on developing cleaner and more efficient energy solutions, promoting a harmonious relationship between humanity and nature [12]

Group 1: Artificial Intelligence - The Anhui Provincial Government has issued a policy document to promote the development of general artificial intelligence, outlining nine specific measures to lead the province into the AI era [1] - DeepSeek-V3.1 has been officially released, utilizing UE8M0 FP8 Scale parameter precision, designed for the upcoming generation of domestic chips [1] Group 2: Biopharmaceutical Industry - The State Council has approved the "China (Jiangsu) Free Trade Zone Biopharmaceutical Industry Chain Open Innovation Development Plan," aiming to create a world-class biopharmaceutical industry hub [2] Group 3: Pork Market - The National Development and Reform Commission will conduct central frozen pork reserve storage to stabilize the pork market due to increased supply and slight price declines [3] Group 4: Electricity Consumption - China's total electricity consumption surpassed 1 trillion kilowatt-hours in July, marking a historic first globally, with a year-on-year growth of 8.6% [4] Group 5: Stock Market and Foreign Investment - Foreign investment enthusiasm for China is rising, with Nomura reporting significant capital inflows into the A-share and H-share markets, and South Korean retail investors heavily investing in Hong Kong stocks [7] - Goldman Sachs noted that China has become the market with the highest net capital inflows globally, indicating strong resilience and attractiveness [7] Group 6: Trade and Economic Outlook - The Ministry of Commerce expressed confidence in continuing to promote stable and quality growth in foreign trade despite global uncertainties [8] Group 7: Titanium Dioxide Market - Over 20 titanium dioxide producers have announced price increases, with Dragon White Group raising prices by 500 RMB per ton domestically and 70 USD per ton internationally, indicating a potential market recovery [15] Group 8: Automotive and Artificial Intelligence Initiatives - Shenyang is launching a fall automotive consumption subsidy program for 2025, and Henan is advancing the "Artificial Intelligence +" initiative to enhance the AI industry [20]

（原标题：DeepSeek-V3.1发布：更高思考效率、更强智能体能力） 21世纪经济报道记者 陈归辞 在DeepSeek-V3推出5个月后，DeepSeek-V3低调发布升级版模型DeepSeek-V3.1。 8月21日下午，DeepSeek 正式发布 DeepSeek-V3.1（简称"V3.1"），称其为"迈向 Agent 时代的第一 步"。8月19日晚间，DeepSeek 小助手于官方群内宣布线上模型版本已升级至V3.1，引发广泛关注，目 前 V3.1 在HuggingFace趋势榜排名已冲上第二。 据DeepSeek方面介绍，V3.1的升级主要包含三大变化：混合思考模式、更高的思考效率和更强的Agent （智能体）能力。 编程任务方面，DeepSeek测试结果显示，在代码修复测评 SWE 与命令行终端环境下的复杂任务 （Terminal-Bench）测试中，DeepSeek-V3.1 相比之前的 DeepSeek 系列模型有明显提高。 从业内实测反馈来看，V3.1在AiderPolyglot多语言编程测试中，拿下了71.6%的高分，超越了Claude 4 Opus和DeepSeek R1等模型。并且， ...